Desperation and heartbreak filled the air as angry Nigerians stormed the Ibadan office of CBEX, a suspected Ponzi scheme, after its abrupt collapse earlier this week.
Once celebrated on social media as a golden gateway to “financial freedom,” CBEX lured thousands with screenshots of huge balances—some as high as $85,000.
But by Tuesday morning, those same accounts had been wiped clean, leaving investors with no access to their funds—unless they complied with a suspicious new directive: pay more money to withdraw existing balances.
“The small amount I made in Libya was invested in it. I was made to believe I would make twice that amount from the scheme,” said Bolarinwa, a distraught Libya returnee, sobbing outside the company’s Oke-Ado office in Ibadan, Oyo State.
She explained that her investment was largely made up of loans from friends now expecting repayment.
The situation escalated quickly when angry investors, denied audience with CBEX officials, began looting the office.
Videos circulating on social media show people carrying out chairs, tables, and other items in frustration.
“They said we should still wait so that they can attend to us,” Bolarinwa added through tears.
Another victim shared his story on X (formerly Twitter), lamenting that he had invested his savings in the scheme with dreams of launching his music career.
“All in the name of making enough money to push my unreleased song, Alhamdulillah,” he wrote. “I woke up today and discovered that all my $4000 is gone. At this point, I am lost.”
As panic spread, CBEX administrators released a video—spoken in Pidgin English—offering a controversial “solution”: investors could recover their funds by making new payments.
“If you have below $8,000 in your CBEX account, you have to pay $100 to withdraw your money. If you have above $8,000, then you will have to pay $200 to withdraw it,” said a male voice in the video.
But even within the CBEX community, skepticism was mounting.
“If you fall for the new scam with the hope of getting your investment, don’t be surprised that they will come up with a new idea to milk you further without you achieving your aim,” a concerned member warned.
“Accept your loss and move on. CBEX is gone, it has crashed and there’s nothing you can do about it.”
The crash comes amid renewed warnings from the Securities and Exchange Commission (SEC), which recently cautioned Nigerians against patronizing unlicensed digital investment platforms promising unrealistic returns.
“We welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market,” said Dr. Emomotimi Agama, Director General of the SEC.
CBEX now joins a growing list of fraudulent platforms that have left scores of Nigerians devastated, many with borrowed funds and shattered hopes.
